United States Perforating Gun Market Report and Forecast 2024-2032

United States Perforating Gun Market Outlook

The United States perforating gun market size reached approximately USD 1.15 million in 2023. The market is estimated to grow at a CAGR of 5.4% in the forecast period of 2024-2032, reaching a value of around USD 1.87 million by 2032.

Key Trends in the Market

A perforating gun is a device which is used to make holes in oil and gas wells during the production process. These guns carry explosive-shaped charges and are available in a broad range of sizes and configurations.

• Increased usage of hollow carrier guns, which offer larger charges, minimise casing damage, and provide precise penetration capabilities, is one of the key United States perforating gun market trends. These guns offer better control over the charging placement as compared to conventional guns, enhancing the overall accuracy of the perforation process.

• The advent of new perforating gun systems, which consist of a better mechanical design than traditional gun systems, is another crucial trend boosting the market growth. These systems have a simple intricate design that eliminates the risk of accidental detonation from stray charge or voltage, improving overall worker safety.

• Growing collaboration and alliances between market players and power plants are also expected to create new opportunities for the United States perforating gun market growth. For example, in March 2023, Baker Hughes, a US-based company, entered into a 12-month agreement with Ecopetrol, a petroleum provider as well as CHEC, a hydroelectric power plant based in Columbia, to implement a geothermal project in the Nereidas Valley.

Market Analysis

Based on gun type, the market is divided into wireline conveyed casing, through tubing hollow carrier, through tubing strip, and tubing conveyed perforating. On the basis of carrier type, the market is classified into hollow carrier, and expandable shaped charged gun, among others. Based on explosive type, the market is categorised into cyclotrimethylene trinitramine (RDX), cyclotetramethylene trinitramine (HMX), and hexanitrosilbene (HNS).

On the basis of depth, the market is segmented into up to 3000 ft, 3001-8000 ft, and above 8000 ft. Based on pressure, the market is bifurcated into high pressure and low pressure. The United States perforating gun market segmentation, on the basis of well type, includes horizontal and deviated well and vertical well.

Based on application, the market is divided into onshore and offshore. The major regional markets for perforating guns in the United States include New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the United States perforating gun market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• General Electric Company (Baker Hughes Company)

• NOV Inc.

• Schlumberger N.V

• Weatherford International plc

• Halliburton Energy Services, Inc.

• DMC Global Broomfield, CO.

• Hunt & Hunt, Ltd.

• SWM Technologies LLC

• Hunting Plc

• Vigor USA

• Others

Market Share by Well Type

Horizontal and deviated wells occupy a significant portion of the United States perforating gun market share, owing to increasing horizontal well drilling for shale gas exploration. These wells are further gaining popularity in the country as they offer larger areas of contact with impacted surfaces, which reduces the overall operational and maintenance costs.

The rise in horizontal drilling activities in the offshore region is also expected to provide lucrative opportunities for the market growth. As per various estimates, horizontal wells constitute about 97% of US oil projects, which further provides a positive market outlook.

Market Share by Application

As per the United States perforating gun market analysis, onshore drilling accounts for a sizeable share of the US market, due to the rising usage of perforating guns in onshore oil wells. With the rise in the number of onshore oil and gas projects, the demand for perforating guns is expected to foresee an upward trajectory in the coming years.

Furthermore, growing acquisition and partnership activities in the US onshore oil and gas market are expected to positively influence the market expansion in the forecast period.

Competitive Landscape

General Electric Company (Baker Hughes Company), founded in 1908, is a leader in oil and gas production, with its headquarters in Texas, the United States. The company offers a comprehensive range of perforating gun systems which perforate long intervals and maximise the production process.

NOV Inc. is a multinational company of oilfield and technologies, established in 1862 and based in Texas, the United States. The company offers various products and services such as artificial lift, solar technology, saltwater disposal, biogas solutions, composite solutions, and hydrogen solutions, among others.

Schlumberger N.V., incorporated in 1926 and headquartered in Texas, the United States, is an offshore drilling company. The company has implemented a climate action strategy in its operational process to achieve net zero emissions by the year 2050.

Other United States perforating gun market players include Weatherford International plc, Halliburton Energy Services, Inc., DMC Global Broomfield, CO., Hunt & Hunt, Ltd., SWM Technologies LLC, Hunting Plc, and Vigor USA, among others.

Key Highlights of the Report